1. How do I apply for a mortgage loan?

Your best option is to call the financial institution that you plan to get your mortgage loan through and make an appointment. These applications can be a little time consuming, so you want to allow you and your lender adequate time to get through the application process. We offer Mortgage Loans and would be happy to help you through the application and financing process.

2. What information will I need to take with me?

Below is a short list of general information that you should take with you when applying for a mortgage loan. Your lender may ask for more information.

• Valid Drivers License or State ID for each borrower.
• Last two years of Tax Returns along with W-2’s and/or 1099’s.
• Last two pay-stubs for each borrower, or Pension Statement, or Social Security Statement.
• Bank Statements, the two most recent months for each account.
• Purchase Agreement if you have already been pre-approved and have an accepted purchase agreement through the seller/realtor that includes the address of the property.
• If there are any blemishes on your credit report that have been satisfied, you should take a receipt or letter acknowledging that the issue has been satisfied.

3. How long will it take to get a mortgage loan?

If you have been pre-approved for a mortgage loan, you are already one step closer! The process can generally take up to 30 to 60 days for a Conventional Mortgage. Other mortgage types may vary depending on the type of information required and whether it is government funded.

4. What types of mortgage loans are available?

There are many types of mortgage programs available and your lender will help navigate these to make sure you get the one that best fits your situation. Below is a list of the types of mortgages available.

• Conventional/Fannie Mae-A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. Fannie Mae is a common nickname for the Federal National Mortgage Association and is a government-sponsored enterprise with the mission of bringing liquidity, stability, and affordability to the US housing market. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate. The maximum limit for a conforming loan depends on the county and state you live in. Conventional loans can have terms between 10 and 30 years.
• VA-A VA Loan is a mortgage guaranteed by the Unites States Department of Veterans Affairs. The program is for American Veterans, military members currently serving in the U.S. Military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction. The VA does not originate loans.
• USDA-A USDA loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture. To receive a USDA loan, your home must be listed in an approved location already pre-determined by the USDA.
• FHA-An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.

Let’s recap:

1. You are pre-approved for a mortgage/home loan.
2. You have an accepted purchase agreement.
3. You have finalized your mortgage/home loan application to include the purchase property.
4. You are almost there!!

The waiting process:

1. You will want to have an inspection done on the property.
2. There will be a title search on the property.
3. There will be an appraisal done on the property.
4. You will need to provide the name of the insurance company you are going to insure the property through.
5. Once all the above items are completed and the paperwork is satisfied, you will get a closing date!!

Congratulations, you now own a home!!

As always, Your Legacy Federal Credit Union strives to make this process as easy and efficient for you as possible.

If you have any questions about getting a mortgage/home loan, please feel free to contact us at 419-448-0191, and we would be happy to help. We also offer Mortgage Loans and would be honored to help you finance your dream home!